Bank of Colorado finalizes MontroseBank acquisition

FORT COLLINS – Bank of Colorado’s acquisition of MontroseBank was finalized Monday afternoon, increasing the number of the Fort Collins-based bank’s locations in Colorado to 40.

Bank of Colorado acquired MontroseBank’s portfolio of $234 million that includes branches in Montrose, Delta, Cedaredge, Hotchkiss and Paonia, and retained 100 percent of its staff.

“With our model of decision-making by local branch presidents and a very responsive and flexible staff, we are poised to meet the business and community banking needs of Western Colorado,” said Shawn Osthoff, Bank of Colorado’s president.

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Bank of Colorado has branches in Fort Collins, Loveland, Estes Park, Windsor and Greeley. It also operates three branches in Gallup, N.M.

Bank of Colorado has $2.9 billion in assets and is a subsidiary of Pinnacle Bancorp Inc. in Central City, Neb., an $8 billion financial holding company that operates 130 community banks in eight states.

The deal was announced in October and approved by the Colorado State Banking Board in December.